Lloyd v. Thomas
Supreme Court of Pennsylvania
Error to the Court of Common Pleas of Centre county: Of May Term 1875, No. 80. This was an action of assumpsit, brought December 22d 1871, by William M. Lloyd and David Caldwell, trading as Lloyd, Caldwell & Co., against Jacob Y. Thomas, Isaac Thomas and Joseph D. Thomas, trading as Jacob Y. Thomas & Go.
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Error to the Court of Common Pleas of Centre county: Of May Term 1875, No. 80. This was an action of assumpsit, brought December 22d 1871, by William M. Lloyd and David Caldwell, trading as Lloyd, Caldwell & Co., against Jacob Y. Thomas, Isaac Thomas and Joseph D. Thomas, trading as Jacob Y. Thomas & Go. The plaintiffs, who were bankers, were the holders of three promissory notes drawn by Jacob Y. Thomas to the order of the defendants, and"endorsed by them; the notes were all dated May 15th 1871; one was for $1250, payable in six months; another for $1500, also payable in six months; and the…
1Opinion of the CourtJustice Paxson
We think the learned judge of the court below erred in instructing the jury that the mere fact that the notes in controversy were issued by Jacob V. Thomas, and endorsed by him with the firm name after the partnership was dissolved, exempted the other two members of the firm from being bound by the notes. Jacob was the liquidating partner; by the terms of the dissolution he was expressly authorized to use the firm name- in the settlement of its business. If the notes were made and issued in good faith for the purposes of liquidation, and the proceeds applied to the payment of the firm debts,…
2Cited by1 opinion
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